11. Calculating the Cash Budget ILO3] Here are some important figures from the budget of Nashville Nougats, Inc., for the second quarter of 2015 April May June Credit sales Credit purchases Cash disbursements $374,400 $349,500 $420,500 48,900 169,300 200,300 54,340 70,300 75,170 12,580 12,580 12,580 0 Wages, taxes, and expenses Interest Equipment purchases 88,800 135,000 The company predicts that 5 percent of its credit sales will never be collected, 35 percent of its sales will be collected in the month of the sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2015, credit sales were $235,000 and credit purchases were $161,300. Using this information, complete the following cash budget: April May June $135,000 Beginning cash balance Cash receipts Cash collections from credit sales Total cash available Cash disbursements Purchases Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance